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Syncrude Strengthens as Horizon Upgrader Plans October Work

Syncrude strengthened as Canadian Natural Resources Ltd. is planning work on its Horizon upgrader in Alberta this month.

Canadian Natural President Steve Laut said during an Aug. 9 conference call that repairs to heat exchangers and mechanical seals were scheduled for the third quarter.

Syncrude’s premium over West Texas Intermediate added $2 to $11 a barrel at 11:48 a.m. in New York, according to data compiled by Bloomberg. That’s the largest premium for the grade since Sept. 19.

The discount for Western Canada Select, a heavy oil blend from Alberta, was unchanged at $11.50 a barrel below the U.S. benchmark. Bakken’s premium to the benchmark narrowed 50 cents a barrel to $1.50.

U.S. Gulf Coast oils strengthened or were unchanged.

Heavy Louisiana Sweet’s premium to West Texas Intermediate increased 30 cents to $20.40 a barrel. Light Louisiana Sweet added 15 cents to $19.25 over the U.S. benchmark.

Poseidon’s premium widened 10 cents to $13.35. Mars Blend’s was unchanged at $13.65 a barrel over WTI and Southern Green Canyon was steady at $12.25.

The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, widened 25 cents to $18 above WTI.

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